TEJON RANCH CO

Ticker: TRC CUSIP: 879080109 Class: Common Stock

CAPITAL MANAGEMENT ASSOCIATES /NY/'s Holding History (CIK: 0000825293)

Note: Option positions (PUT/CALL) are excluded.

Q1 2014

Shares 10,600 Value ($000) $359 Avg Close $33.92 Range $31.20 - $35.90

Q4 2013

Shares 21,950 Value ($000) $807 Avg Close $33.19 Range $28.63 - $37.66

Q3 2013

Shares 23,450 Value ($000) $723 Avg Close $30.38 Range $26.91 - $32.23

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2014	10,600	$359	$33.92	$31.20 - $35.90
Q4 2013	21,950	$807	$33.19	$28.63 - $37.66
Q3 2013	23,450	$723	$30.38	$26.91 - $32.23